Two-Lane Highway to Link Thailand and Dawei SEZ

​​ Visits to Myanmar led by the deputy prime minister of Thailand, followed by a visit from the minister of transportation of Thailand who met with Vice President Henry Van Thio in February, resulted in an agreement to continue the Dawei SEZ project within a month. Pisanu Suvanajata, the Thai ambassador to Myanmar who attended […]

Yangon Car Showrooms Suffer from Policy Vacuum

​​ Since April 1, 2016, showrooms have been unable to import new cars for personal use, because the government in April told township officials in Yangon to stop issuing import recommendation letters, which are necessary to bring cars into the city for individual use. For almost a year since the halt, not much has changed […]

Regions Can Approve up to US$5m Investments

​​ The maximum amount of investments which can be approved by regional and state governments has been set to US$5 million (K6 billion). Region and state investment commissions will now be able to approve proposals without having to seek permission from Myanmar Investment Commission (MIC), according to an announcement from MIC chair U Kyaw Win […]

Heritage Preservation Potential Boost for Tourism

​​ On March 1, Yangon Chief Minister U Phyo Min Thein posted a clip on Facebook saying that the regional government is preserving around 200 heritage buildings in Yangon. “We are preserving heritage buildings in Yangon numbering about 200 buildings … We also plan to preserve and renovate … the old Ministry of Hotels and […]

Ministry Aims at 1 Million Housing Units by 2030

​​ The Ministry of Construction has planned to implement one million units by 2030, according to the government’s housing development plan. The plan began in 2012 and it is intended to be implemented over the course of five years. As the plan is reaching its first five-year marker, the government should be building an estimated […]

Rakhine airport in Myanmar to be built by tender

The Rakhine State government will invite tenders for the construction of an airport in Mrauk-U, State Planning and Finance Minister Kyaw Aye Thein said. He told the Myanmar Times that the decision to put the airport project out to tender was due to insufficient funds in the state’s budget which allocated K2 billion a year […]

KBZ Strengthens Remittance Services with US Banks

​​ After kicking off the US-Myanmar direct money transfer service, Kanbawza Bank (KBZ) has tried to establish a direct channel with US banks, KBZ managing director U Win Lwin told the media. Right now, KBZ has opened a USD settlement account in New York’s branch of Sumitomo Mitsui Banking Corporation (SMBC). Hence, direct money transfer […]

Tax Exemption on Interest Income Questioned

​​ The Ministry of Planning and Finance has issued a statement on February 19 that income tax will not be levied on interest from bank savings and deposits. The statement means that tax on interest from bank deposits will be exempted in the coming 2017-18 fiscal year. However, interest from bank deposits is not the […]

Exports Prioritised to Meet Trade Target

​​ According to official figures from the Ministry of Commerce, trade volume reached US$23 billion until the end of January in this fiscal year. The ministry has set the target trade volume to be $31 billion, therefore the ministry will continue trying to achieve its target over the next two months, said U Khin Maung […]

Central Bank May Liberalise Trade Financing for Foreign Banks

​​ The Central Bank of Myanmar may allow foreign banks to launch trading services if local banks are unable to facilitate trade financing for importers and exporters, Central Bank director general U Win Thaw told the Myanmar Times. “The Central Bank has already allowed local private banks to do trade financing. If they [local private […]